Results for: IMF

Pakistan’s Prime Minister Shehbaz Sharif confirmed the budget’s collaboration with the IMF, citing prevailing circumstances. Finance Minister Aurangzeb announced significant amendments to the budget, including the revival of zero rating for export industries and stationery items, but reduced the PSDP allocation. He also proposed a ‘national financial pact’ and highlighted stricter measures for retailers and distributors outside the tax net, including increased tax rates for non-filers. The government also emphasized expenditure control and austerity measures, including pension reforms and potential ministry closures.

The International Monetary Fund (IMF) has praised Sri Lanka’s macroeconomic policy reforms, noting that they are bearing fruit. The island nation has made significant progress in its debt restructuring efforts and is expected to reach agreements with external commercial creditors soon. The IMF’s second review of Sri Lanka’s $2.9 billion IMF bailout program is set for June 12th, and the Executive Board is expected to discuss the Article IV Consultation as well. Sri Lanka has seen rapid disinflation, robust reserve accumulation, and initial signs of economic growth while maintaining financial stability. The country’s next steps include concluding negotiations with external commercial creditors and implementing agreements with official creditors. The debt restructuring discussions have progressed, with agreements with external official creditors expected soon.

The International Monetary Fund (IMF) has reached an agreement with Egypt on a loan program review, unlocking around $820 million for the North African country. The loan is contingent on Egypt carrying out deep structural reforms, including enhancing the private sector’s role in the economy, tackling inflation and debt, and shifting to a more flexible exchange rate. Despite ongoing challenges, Egypt has shown progress in improving foreign exchange availability, slowing inflation, and boosting private sector sentiment. However, economic risks remain due to the regional tensions and their impact on the Suez Canal’s revenue.

The International Monetary Fund (IMF) has issued a stern warning to France, urging the government to take immediate action to reduce its debt load. The IMF cautioned that the country’s budget deficit is projected to surge to 4.5% of GDP in 2027, significantly higher than the previous forecast of 2.9%. This alarming increase poses a serious threat to France’s fiscal stability.

The IMF confirmed ongoing negotiations with Pakistan regarding an extensive loan program under the Extended Fund Facility. The discussions aim to address Pakistan’s economic challenges, which include a failed tax amnesty scheme. The IMF has also highlighted the need for Pakistan’s Federal Board of Revenue to revoke discretionary powers and revise tax laws related to NGOs and pensioners.

The International Monetary Fund (IMF) has raised concerns about Pakistan’s ability to repay its debt, highlighting the country’s high fiscal shortfall and external account deficit. The IMF’s assessment comes as Islamabad seeks a fresh bailout package under the Extended Fund Facility (EFF). The global lender has warned that Pakistan faces significant risks in repaying the fund, including delayed reforms, high public debt, and low gross reserves.

The International Monetary Fund (IMF) has granted a $1.1 billion loan tranche to Pakistan, marking the conclusion of the second bailout package. This third and final installment completes a $3 billion standby arrangement aimed at preventing a sovereign default. Pakistan is expected to receive the loan disbursement soon, possibly as early as tomorrow. The country has already received two tranches totaling $1.9 billion. Pakistan is also seeking a new, larger IMF loan over a longer duration of at least three years to support economic stability and implement structural reforms.

Pakistan has received a much-needed financial lifeline as the IMF Executive Board has approved the release of a USD 1.1 billion loan tranche, completing the second bailout package. This third installment marks the end of a crucial USD 3 billion standby arrangement, which has played a vital role in preventing Pakistan from defaulting on its sovereign obligations. With the current arrangement expiring at the end of this month, the loan disbursement is expected to be received promptly, possibly as early as Tuesday.

The International Monetary Fund (IMF) executive board will meet on April 29 to consider approving the release of $1.1 billion in funding to Pakistan under the $3 billion Stand-By Arrangement (SBA). This follows a staff-level agreement reached on March 20, 2024, after review talks held in Islamabad from March 14 to 19. Pakistan secured the SBA in June 2023 to avert a looming default, and the current tranche is expected to be the last under the short-term deal.

Prime Minister Shehbaz Sharif has been urged to improve relations with neighboring countries, including India, to boost Pakistan’s economy. The suggestion was made by Arif Habib, a leading business tycoon, during a recent meeting with the premier in Karachi. Pakistan downgraded diplomatic and trade relations with India in 2019 after the Indian government revoked the special status of Indian Illegally Occupied Jammu and Kashmir (IIOJK). The move strained relations between the two countries, and Pakistan has since linked the restoration of ties to the reinstatement of IIOJK’s special status.